The gas field could hold a potential of 30 trillion cubic feet of natural gas. Eni says that's the energy equivalent of about 5.5 billion barrels of oil. The company won't know the field's true size until it begins to develop it.

Found in the deep waters off the northern coast of Egypt, Eni claims the gas field to be the largest ever in the Mediterranean and possibly the world.

After Eni explores and begins to develop the field, the company estimates that it will be able to satisfy Egypt's natural gas demand for "decades."

"This historic discovery will be able to transform the energy scenario of Egypt," said Eni CEO Claudio Descalzi in a statement.

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